On May 23, 2024, the Joint Chiefs of Global Tax Enforcement (the “J5”) published an advisory note for financial institutions, identifying red flags associated with crypto-related illicit activities. The J5 is a collaborative...more
The forthcoming guidelines will set supervisory expectations to steer financial institutions’ transition planning processes to facilitate decarbonisation efforts by their clients. On 8 June 2023, the Monetary Authority...more
On the 22 November 2022, the European Banking Authority (“EBA”) published its final Guidelines on the use of remote customer onboarding solutions for credit and financial institutions (the “Remote Onboarding Guidelines”). ...more
Die Bundesanstalt für Finanzdienstleistungsaufsicht („BaFin“) hat am 26. September 2022 einen novellierten Entwurf ihres Rundschreibens „Mindestanforderungen an das Risikomanagement“ („MaRisk“) veröffentlicht, welcher nun zur...more
The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. The DOL’s expanded definition of fiduciary advice was described in the preamble to PTE 2020-02....more
Medical cannabis is on the way in Alabama. What does that mean for Alabama banks? The implications of this development are enormous for the financial services industry in Alabama, as each institution will soon have to...more
The insurance industry was front and center before, during and after the first days of the United Nations’ (UN) climate change summit, Conference of the Parties (COP26), in Glasgow, Scotland, which concluded earlier this...more
On November 3, 2021, the New York Department of Financial Services (DFS) announced the creation of a new Climate Risk Division (the Division) that is tasked with integrating climate risks into DFS’s supervision of regulated...more
The Financial Stability Oversight Council (“FSOC”) issued a document on October 21st titled: Report on Climate-Related Financial Risk 2021 (“Report”) The Report was issued in response to the Biden Administration’s Executive...more
There has been a marked increase in public announcements from regulators in recent months, both in the United States and internationally, relating to climate change and about embedding consideration of climate change-related...more
As green states continue to grow, intentional or unintentional exposure to Marijuana Related Business (“MRB”) customers for financial institutions and broker-dealers is an inevitability. Whether your business has decided to...more
The Office of the Comptroller of the Currency (OCC) – the primary federal bank regulator for a broad cross-section of U.S. banks, from community banks to the largest banks in the country – issued its Semiannual Risk...more
The European Banking Authority has launched a consultation on proposed revisions to the Risk Factor Guidelines for financial institutions to assess money laundering and terrorist financing risks. The proposed changes aim to...more